We examine, over the period from 1991 to 2010, the influence of legal environment on the ability of financial analysts to discriminate between good and bad IPOs. We find, after controlling for IPO firm-specific characteristics as well as country-specific characteristics, significant difference...

Using recommendations and target prices on initial public offerings (IPOs), we examine the impact of regulations in the US and European Union (EU) markets that were aimed at curbing conflicts of interest in sell-side research. Conflicted analysts, proxied by whether their brokerage houses acted...

This paper examines the long run performance of IPOs carried out between 1991 and 2005. By using various methodologies, we find that IPOs in our sample performed negatively relative to comparison portfolios over the 1991-2005 horizon. This abnormal long run performance is much severe for...

Long run returns of IPO firms' recommendations in Europe reveal possible conflicts of interest and pressures faced by financial analysts over the 1991-2005 period. Nevertheless, recent European legislations about investment research have led to better long run performance of IPO firms'...

Long run returns of IPO firms' recommendations in Europe reveal possible conflicts of interest and pressures faced by financial analysts over the 1991-2005 period. Nevertheless, recent European legislations about investment research have led to better long run performance of IPO firms'...